First Interstate BancSystem (NASDAQ:FIBK) Downgraded by StockNews.com to “Sell”

StockNews.com downgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research note published on Friday morning.

Several other research firms have also weighed in on FIBK. DA Davidson increased their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the company a neutral rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods increased their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a market perform rating in a research report on Monday, July 29th. Wells Fargo & Company boosted their price objective on shares of First Interstate BancSystem from $25.00 to $30.00 and gave the company an equal weight rating in a report on Monday, July 29th. Piper Sandler reiterated an overweight rating and issued a $38.00 target price on shares of First Interstate BancSystem in a report on Monday, August 26th. Finally, Stephens boosted their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company an overweight rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $33.33.

First Interstate BancSystem Stock Down 3.2 %

Shares of NASDAQ FIBK opened at $30.98 on Friday. First Interstate BancSystem has a 1 year low of $20.81 and a 1 year high of $33.00. The firm’s 50-day moving average is $30.13 and its 200-day moving average is $27.84. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $3.24 billion, a PE ratio of 12.34 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. The firm had revenue of $244.30 million for the quarter, compared to analysts’ expectations of $246.07 million. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. During the same period last year, the firm earned $0.66 earnings per share. Equities analysts expect that First Interstate BancSystem will post 2.34 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.07%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is 74.90%.

Hedge Funds Weigh In On First Interstate BancSystem

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of First Interstate BancSystem by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock worth $282,303,000 after buying an additional 533,293 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of First Interstate BancSystem by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after acquiring an additional 367,212 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of First Interstate BancSystem by 5.0% in the fourth quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock valued at $91,350,000 after purchasing an additional 142,069 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of First Interstate BancSystem by 1.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock worth $56,974,000 after purchasing an additional 32,348 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in First Interstate BancSystem by 1.3% during the second quarter. Bank of New York Mellon Corp now owns 887,559 shares of the financial services provider’s stock worth $24,648,000 after purchasing an additional 11,493 shares during the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.